Largo Resources Ltd.

Largo Resources Ltd.

November 13, 2007 14:00 ET

Largo Intersects 53.6 Metres Grading 0.32% Tungsten at Northern Dancer Tungsten-Molybdenum Project, Yukon

- LT07-73 intersects 339.90 metres grading 0.15% Tungsten (WO3) and 0.03% Molybdenum (Mo) including 53.60 metres grading 0.32% WO3 and 0.02% Mo - High grade intersection is three times the current grade of existing 43-101 resource of 0.10% WO3 - Reports first 3 of 26 holes totalling 8,494 metres of drilling completed

TORONTO, ONTARIO--(Marketwire - Nov. 13, 2007) - Largo Resources Ltd. (TSX VENTURE:LGO) announces that it has received results for three (3) drill holes totalling 486 samples which is part of the recently completed drill program of 26 holes totalling 8,494 metres at the Company's 1,500 hectare Northern Dancer Tungsten-Molybdenum property which straddles the Yukon-British Colombia border 290 kilometres east of Whitehorse. The drill program focussed on upgrading and expanding the mineral resource reported in the April 2, 2007 press release as well as further defining the higher grade tungsten and molybdenum zones. Preliminary pit modelling was done in order to help maximize the effectiveness of the drill program.

Observations from logging of drill core indicate that numerous quartz veins and veinlets were intersected containing varying amounts of scheelite and molybdenite. As of November 9th 2007, 2442 samples had been sent to Acme Analytical Laboratories Ltd. in Vancouver. This includes samples from the first 13 drill holes. Largo is experiencing delays in receiving assay results as Acme's laboratory is extremely backed up. Largo has received results for only 486 samples at this time. Assays are pending on the remaining 1956 samples. Core logging has been completed on 15 holes with 10 holes remaining to be logged. The remaining 12 holes are being cut and sampled.

Results from the first three holes received from Acme Labs are summarized in Table 1 below.

The Northern Dancer property hosts widespread tungsten-molybdenum porphyry style mineralization, the core of which has been partially delineated by 68 diamond drill holes and 496 metres of underground workings. This work was done by AMAX Minerals Exploration from 1977 to 1980 and by Largo Resources which completed a 17-hole diamond drill program in 2006. On April 2, 2007, Largo announced a NI 43-101 compliant inferred mineral resource of 242.0 million tonnes grading 0.10% WO3 and 0.047% MoS2 containing 508.1 million lbs. tungsten (WO3) and 151.0 million lbs. molybdenum (Mo) confirming Northern Dancer as one of the largest undeveloped tungsten-molybdenum deposits in the world. This resource includes a higher grade Mo zone of 36.8 million tonnes of 0.085% MoS2; more drilling is required to define a higher grade tungsten resource.

Andy Campbell, Vice President, Exploration commented: "We are very encouraged with the initial results as the focus of the 2007 drill program has been to define the extent of the higher-grade tungsten and molybdenum zones intersected in the 2006 program. Largo has completed a series of angled drill hole fences across the deposit to fully test the higher-grade zones." He continued, "historical drill holes were vertical to subvertical and hence did not adequately test the typically steeply dipping quartz-scheelite veins within which higher tungsten grades are associated. Our work indicates that major structures may have controlled the distribution of mineralization, especially tungsten, more than previously thought and these structures have been tested in the current drill program."

The Northern Dancer deposit is one of the world's largest known tungsten-molybdenum porphyry systems. The mineralization is hosted in fractures and veins associated with a northeast-trending sheeted vein system in calc-silicate (skarn) rocks and spatially related to a felsic intrusion (quartz-feldspar porphyry). The deposit, which has been tested by drilling of 750 metres along strike, 500 metres vertically and 600 metres in width, remains open along strike to both the northeast and southwest as well as at depth.

Tungsten and molybdenum mineralization are concentrated in two zones which partially overlap. In the core of the deposit, there is a higher-grade molybdenum zone where molybdenite occurs within and adjacent to the felsic intrusion. Surrounding and partially overlapping the molybdenum zone is a much more extensive tungsten zone where scheelite occurs in northeast-trending sheeted quartz veins in skarn.

Analytical work is being carried out at Acme Analytical Laboratories Ltd. in Vancouver, British Columbia, an ISO 9001-2000 certified laboratory. The samples are crushed to 70% passing 10 mesh, split to 250 g and pulverized to 95% passing 150 mesh. A 5-gram split is analyzed for Mo and W using a phosphoric acid leach followed by ICP-emission spectrometry. Then a second 5-gram split is analyzed for 36 elements by ICP-mass spectrometry using a hot (95 degrees centigrade) aqua regia leach. Routine check assays are performed at SGS Minerals in Lakefield, Ontario on sample rejects. Largo employs a systematic QA/QC program including standards, duplicates and blanks. Andy Campbell, P. Geo., Largo's Vice President of Exploration, is the Qualified Person responsible for the scientific and technical work for the program as defined under National Instrument 43-101 and has reviewed this press release.

About Largo

Largo Resources is a Canadian natural resource development and exploration company with two advanced stage projects: the Northern Dancer Tungsten-Molybdenum deposit in the Yukon and the Maracas Vanadium-PGM deposit in Brazil. Largo also has a large (60,000 hectare) land position and prospective gold exploration properties in Ecuador. The company is listed on the TSX Venture Exchange under the symbol LGO.

For more information please refer to Largo's website:


Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as "estimates", "intends", "expects", "believes", "may", "will" and include, without limitation, statements regarding the company's plan of business operations, production levels and costs, estimates regarding mineral resources, projections regarding mineral prices anticipated revenues and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Table 1: Summary of Significant Assay Results - Northern Dancer Property,

Hole Number From To WO3% Mo% Interval (metres)
LT07-73 0.00 339.90 0.15 0.03 339.90
including 9.60 22.90 0.20 0.02 13.30
including 99.00 162.00 0.18 0.03 63.00
including 234.40 288.00 0.32 0.02 53.60
LT07-74 176.00 202.20 0.08 0.01 26.20
and 248.00 266.00 0.09 0.03 18.00
LT07-78 75.00 139.00 0.12 0.02 64.00
including 93.00 108.00 0.17 0.02 15.00
Please note that management believes that the intervals provided in the
table above closely approximate true widths.

Drill hole Information - Northern Dancer Property, Yukon

Hole Number Northing Easting Elevation Azimuth Dip
LT07-73 6,654,970 354,600 1527 135 -45
LT07-74 6,654,588 354,507 1720 315 -45
LT07-78 6,654,740 354,296 1697 135 -50


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